Looks an interesting Buy. But the Stock Screener Financial Brief states Net Income decreased by 28% for year ending 30 September 2019 despite its various segment revenues increasing.
Anybody know why Net Income fell?
From a quick glance through the 2019 Final Results:
PROFIT FOR THE YEAR
2019 2018
GBPm GBPm
----------------------------------- ------- ------
Adjusted operating profit 31.3 27.3
Adjustments (16.9) (4.5)
----------------------------------- ------- ------
Operating profit 14.4 22.8
Net finance costs (0.7) (1.2)
----------------------------------- ------- ------
Profit before taxation 13.7 21.6
Taxation 0.6 (1.8)
----------------------------------- ------- ------
Profit from continuing operations 14.3 19.8
Discontinued operations - 1.6
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Profit for the year 14.3 21.4
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Adjustments
Adjustments of GBP16.9m (2018: GBP4.5m) excluded from adjusted operating profit comprise of: GBP2.9m (2018: GBPnil) of one off cash costs incurred in the year related to the acquisitions; GBP5.4m (2018: GBP0.9m) of one off non cash asset write down related to the exit from the Fire SCBA market; GBP1.1m (2018: GBPnil) in relation to a market driven surplus property non cash write-down in Italy; amortisation of acquired intangible assets of GBP3.5m (2018: GBP3.1m); pension administration costs of GBP0.5m (2018: GBP0.5m); and the one off charge to equalise the pension benefits for men and women and past service costs of GBP3.5m (2018: GBPnil).
